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Friday, March 14, 2014

Xapo Finds $20M For Secure--Really Secure--Bitcoin

Palo Alto-based Xapo has an answer to failing Bitcoin banks and massive hacking issues: store your Bitcoin in cold storage, deep inside a mountain. According to Xabo, it raised $20M on Friday in its first round of funding, which came from Benchmark, Fortress Investment Group and Ribbit Capital. Xapo said it allows users access to their Bitcoin, but stores that actual Bitcoin deep inside a mountain on a non-internet connected network, which is locked away unless a user requests it. The company also said it has fully insured those Bitcoins in a deal with Meridian Insurance, just in case anything does happen to the currency.